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Andy Duncan in talks on Channel 4 payoff

The embattled chief executive of Channel 4, Andy Duncan, is negotiating a severance package worth up to £585,000 before announcing his exit from the broadcaster.

The exact figure has been under discussion since the Channel 4 board unanimously agreed in July that he should go.

Anne Bulford, the finance director, will run the broadcaster on an interim basis. She is not thought to be a candidate to replace Duncan permanently.

Luke Johnson, Channel 4's chairman, is close to appointing a headhunter to find a new chief executive. The move heralds a spell of upheaval for the board as Johnson is also due to step down in January at the end of his term.

Ofcom, the media regulator, which appoints the Channel 4 chairman, has said Johnson can leave early if a replacement is found so that the newcomer can have a say in finding Duncan's successor.